On May 17, 2014, the Ontario government published regulatory amendments to Regulation 909 (General) under the Pension Benefits Act that: clarify that for purposes of determining the total amount of all letters of credit (“LOC”) held in trust for the pension fund for inclusion in the solvency asset adjustment, the value of any special payments…
Tag: Broader Public Sector
Ontario Government Proposes New Public Sector Compensation Restraint Legislation
On Monday, March 24, 2014, the Ontario government introduced Bill 179, the Public Sector and MPP Accountability and Transparency Act, 2014. If passed, Bill 179 would give the government the authority to create comprehensive compensation frameworks for certain employers in the broader public sector (“BPS”), and would implement a number of measures to enhance “accountability…
Ontario Introduces New BPS Accountability, Transparency Legislation (Bill 179)
On March 24, 2014, the Ontario government introduced Bill 179, the Public Sector and MPP Accountability and Transparency Act, 2014, proposed legislation intended to enhance oversight and increase transparency in the broader public sector (“BPS”). Proposed measures in the Bill identified in the government’s press release would, among other matters: authorize the government to control compensation…
New Pension Asset Transfer, Public Sector Solvency Funding Regulations
On December 14, 2013, the Ontario government published the following regulations under the Pension Benefits Act (the “Act”): O. Reg. 308/13 (Asset Transfers Under Section 80.1 of the Act), providing a supporting asset transfer framework for certain prescribed plans under paragraph 2 of subsection 80.1 (2) of the Act (transition, transfers upon the sale of…
Ontario Tables Its 2013 Budget
On Thursday May 2, 2013, the Ontario government introduced its 2013 Budget, entitled A Prosperous and Fair Ontario (the “Budget”). The government also introduced Bill 65, the Prosperous and Fair Ontario Act (Budget Measures), 2013 (“Bill 65”), omnibus legislation designed to implement some of the proposals contained in the Budget. The Budget announced that the…
Third Window for BPS Solvency Funding Relief Proposed
On December 5, 2012, the Ontario government posted a regulatory proposal regarding amendments to O. Reg. 178/11 (Solvency Funding Relief for Certain Public Sector Pension Plans), made under the Pension Benefits Act. Comments on the proposal are due by January 20, 2013. Under the proposal, the third and final window for solvency funding relief for…
Premier McGuinty Announces His Resignation and Prorogues the Legislature
In an unexpected development, Premier McGuinty announced yesterday that he will be resigning as Premier of Ontario and as leader of the Ontario Liberal party. Premier McGuinty also announced that he asked the Lieutenant Governor of Ontario to prorogue the Legislature, which now appears to have occurred. While both announcements will come as a surprise…
The Proposed Protecting Public Services Act Would Significantly Change Terms and Conditions of Employment for Directors, Superintendants and Senior Board Officials
On September 26, 2012, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would, if enacted, implement new compensation restraint measures for the Broader Public Sector (“BPS”) and would impose a significant new provincially mandated collective bargaining regime. At first glance, the Draft Bill may…
Ontario Proposes Significant Changes to Wage Restraint and Collective Bargaining in the Broader Public Sector
On September 26, 2012, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), which would implement new compensation restraint measures for the Broader Public Sector (“BPS”), and would impose a significant new provincially mandated collective bargaining regime. The Draft Bill would also make changes to the…
Ontario Releases Draft Compensation Restraint Legislation for Consultation
Earlier today, the Ontario Minister of Finance announced draft omnibus legislation, the Protecting Public Services Act, 2012 (the “Draft Bill”), that would implement new, substantially more restrictive compensation restraint measures, and impose a significant new provincially mandated collective bargaining regime, for the Broader Public Sector (“BPS”). Highlights of the Draft Bill include: Schedule 1 (enacting…